In order to accurately assess the capital structure of a firm, it is necessary to convert its balance sheet figures from historical book values to market values. KJM Corporation's balance sheet (book values) as of today is as follows:

Long-term debt (bonds, at par)	$25,500,000
Preferred stock	3,000,000
Common stock ($10 par)	10,000,000
Retained earnings	5,000,000
Total debt and equity	$43,500,000

The bonds have a 7.5% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 20 years from today. The yield to maturity is 11%, so the bonds now sell below par. What is the current market value of the firm's debt? Do not round your intermediate calculations.

a. $20,068,015

b. $18,339,417

c. $18,293,000

d. $19,183,343

e. $18,392,730